Global Home Security Systems Market, By Systems (fire protection systems, video surveillance systems, access control systems, entrance control systems, intruder alarm systems), By Services (security system integration services, remote monitoring services, fire protection services, video surveillance services, access control services), By Security (professionally-installed and monitored, self-installed and professionally monitored, and Do-It-Yourself (DIY)), By Home type (condominiums/ apartments), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The home security systems market is expected to reach US$ 94.9 Bn by 2028 from US$ 50.7 Bn in 2020, at a CAGR of 8.2% during the forecast period of 2020 to 2028.
Home security systems comprises an amalgamation of hardware and software devices which are developed in a way to identify any kind of illegitimate or unauthorised invasion when a protected area is violated or infringed. The home security systems can also be functioned during power shortages or electricity cuts as well as it also carries the potential to alert regarding environmental dangers, such as outbreak of fire or flood or release of carbon monoxide or other harmful gases. Such factors play a positive role in elevating the growth of the global home security system market.
In this day and age, home security systems are microprocessor-based, which have the capacity to bring off an abundance of tasks and duties and offer a simple-to-use interface for the user. The surging need for home security systems has paved its way to the entrance of numerous home security service providers across the world, providing them plenty of growth opportunities in the near future, thereby positively contributing to the global market growth.
In addition, owing to the rise in instances of illicit and criminal activities and consequent increasing safety concerns the requirement for safety measures by residential households is also surging briskly, thus expanding the demand of home security solutions in the global market. Thus, the global home security system market is expected to rise substantially in the forthcoming years.
Also, there are a variety of gadgets and devices easily available in the global market for the home security system, including night vision cameras, smart electronics locks, wireless, internet-connected and motion sensitive devices, which further positively fuels the demand of home security systems worldwide. Attributing to which, the global home security system market is projected to grow rapidly over the forecast period.
However, the shortage in adoption rate due to the lack of awareness among the population, in particular remote areas, is anticipated to restrict the growth of the global home security system market to the limits in the near future. Moreover, the heavy cost of installation and maintenance is also likely to hold back the growth of the global home security system market over the coming years.
MMC Study identifies some of the key participating players in the home security system market globally are ADT, Honeywell, Johnson Controls, Hangzhou Hikvision Digital Technology, Assa Abloy AB, Secom Co., Ltd., among others.
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